MAXN - Maxeon Solar Technologies to launch 6.8M-share public offerings

2023-05-16 17:18:11 ET

Maxeon Solar Technologies ( NASDAQ: MAXN ) -5.6% post-market Tuesday after launching a public offering of an aggregate 6.8M common shares, with an underwriters option to purchase additional shares totaling up to 15% of the shares offered.

Maxeon ( MAXN ) said it will offer 5.1M shares, and an affiliate of TotalEnergies ( TTE ), which currently owns more than 24% of the solar company's outstanding common shares, will offer 1.7M shares.

Additionally, Maxeon ( MAXN ) agreed to sell to TZE SG, which owns 23.7% of its outstanding common shares, $42M of common shares in a private placement at a sale price equal to the price to the public in the offering.

The company said it plans to use the proceeds from the company offering and the TZE private placement toward capital expenditures for the addition of incremental capacity for the manufacture of Maxeon 7 products, as well as general corporate purposes.

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